As we reach the middle of the financial year, it is a good time to do a quick check of your Xero file. Many businesses slow down over the holiday period, so reviewing your records either before the break or when you return can help keep everything on track. Xero includes tools that can make this process easier and reduce the amount of manual work involved.

Key areas to review in Xero and how Xero can help

1• Bank and credit card reconciliations
Make sure accounts are reconciled up to date so your reports reflect your true position. Xero’s bank feeds, suggested matches, and bank rules can help speed this up when transactions start to build up.

2• Income and expenses
Review your profit and loss report to see how the year is shaping up so far. Xero reports allow you to compare periods easily and spot changes in income, costs, or margins early.

3• Outstanding invoices
Overdue invoices can put pressure on cash flow. Xero shows outstanding amounts clearly and allows you to send reminders and offer online payment options to make it easier for clients to pay.

4• Expense coding and GST
Consistent coding supports accurate BAS reporting. Xero’s repeating transactions and GST settings help reduce errors and clean-up work later.

5• Payroll and superannuation
If you use Xero Payroll, reviewing wages, superannuation, and PAYG withholding mid-year helps ensure everything is tracking correctly before year end approaches.

A short mid-financial year check-in can save time and reduce stress later in the year. Making better use of the tools already available in Xero can also improve accuracy and cash flow.